A Phi Value of

question 15

Multiple Choice

A Phi value of .40 would be interpreted as having explained

• A)4% of the variance in the dependent variable
• B)40% of the variance in the dependent variable
• C)1.6% of the variance in the dependent variable
• D)16% of the variance in the dependent variable

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Definitions:

Inputs

Resources such as labor, raw materials, and capital that are used in the production process to create goods or services.

Gain From Trade

The benefit obtained by countries, organizations, or individuals from engaging in exchange or trade.

Absolute Advantage

The ability of an entity to produce a good or offer a service more efficiently than its competitors when using the same amount of resources.

Absolute Advantage

The capability of an individual, company, or country to produce a good or service at a lower cost per unit than competitors.